Thai banks collaborate on blockchain platform
(22 March 2018 – Thailand) 14 Thai Banks, including Thailand’s big four, are using blockchain technology to develop a shared trade finance platform through the Thailand Blockchain Community Initiative.
The Thailand Blockchain Community Initiative will be tested in the Bank of Thailand’s sandbox and will be online by September. The initiative will be used to shorten processes and issue digitised Letters of Guarantee and documents.
“With this infrastructure sharing, banks do not need to invest on their own. Interoperability enhances efficiency, reduces costs in our financial sector and addresses the needs of the consumer and the business sector,” governor of the Bank of Thailand, Veerathai Santiprabhob, said at a press conference.
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